Bitcoin Drops to IDR 1.07 Billion Days After Donald Trump's Speech

Bitcoin illustration (photo: Unsplash)

JAKARTA - On Wednesday, at around 11.00 a.m. Western Indonesian Time (WIB), Bitcoin (BTC) was traded at a price of around 65,800 US dollars (IDR 1.07 billion), after reaching 70,000 US dollars (IDR 1.14 billion) on Monday, July 29, after Presidential candidate Donald Trump's speech.

At that time, Trump promised to create a national Bitcoin reserve if elected. Speaking at the Bitcoin conference, he also said he would fire SEC Chairman Gary Gensler on his first day in office.

Trump's statement was then welcomed positively by crypto industry enthusiasts, especially Bitcoin, who hope for clearer regulations in the United States (US).

Ajaib Kripto Financial Expert, Panji Yudha explained that by the end of July 2024, Bitcoin has the potential to move in the range of 64,000 - 71,000 US dollars or around IDR 1.04 - IDR 1.15 billion, and there is a possibility of closing the month positively.

Furthermore, Panji also explained that US economic data continues to affect Bitcoin and crypto in general. "Market participants are preparing for several important events this week," he said.

Some of the key events include the Federal Open Market Committee (FOMC) meeting on July 31 and Federal Reserve Chairman Jerome Powell’s press conference. These meetings will focus on potential interest rate changes.

The Federal Reserve is widely expected to hold interest rates steady at its meeting on Wednesday, July 31, despite pressure for a rate cut. The meeting could be used to signal future cuts.